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Home » Kelowna Real Estate Stats - Market Update - Here's What Happened in March 2023

Kelowna Real Estate Stats - Market Update - Here's What Happened in March 2023

Kelowna Real Estate Stats & Trends - Market Watch With Kelowna Realtor Darcy Nyrose

April 1, 2023

It's The New Normal. In this month's Kelowna real estate market update, Darcy provides excellent insight into the past year. Since April 2022, we've seen a calming of the market. With interest rate hikes and buyer uncertainty, a lot of buyers sat on the sidelines over the last year. But now buyers are back. They understand the market. They like the interest rate hold. They're educated. This is the new normal.

Yes, prices are down 10-20% since this time 2022; however, we're still above prior years and we're now in the new normal.

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Kelowna Real Estate Market By The Numbers

Kelowna Condo Real Estate Market Stats - March 2023

Condo inventory and sales are up over the winter months, but sales are still down considerably since this time last year. The average sale price for a condo sits at $478,810.

In the luxury condo market there were 6 active listings over $3-million and 53 over $1-million. Just one condo over $1-million sold in March (sold for $1,100,000).

For those looking to get into the condo market, there were 124 active condo listings under $400,000.

Kelowna Townhome Real Estate Market Stats - March 2023

Townhome inventory and sales are up over the winter months, but sales are still down considerably since this time last year. The average sale price of a townhome in the Central Okanagan is $679,141.

In the luxury townhome market, 4 townhomes sold over $1-million, with the highest sale at $1,100,000. There were 5 active listings over $2-million and 8 active listings over $1-million.

For those looking to get into the townhome market, there were 24 townhomes for sale under $500,000 and 98 for sale under $700,000.

Kelowna Single Family Home Real Estate Market Stats - March 2023

Single Family Home inventory and sales are up over the winter months, but sales are still down considerably since this time last year.

Of the 207 single family home sales, 16 of them were over $2-million. There are 24 active listings $5-million and over and 188 active single family homes over $2-million.

For those looking to enter the single family home market, there were 72 active listings under $700,000 and only 27 under $600,000.

 

If you're looking to buy or sell Kelowna real estate, contact Nyrose & Associates today! 

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